PAYGO isn't about debt, it's about who gets to exercise power over the legislative process. CBO predicted in 2011 that current 10y Treasury would be up at 5.4%, and unemployment couldn't go below 5.2. Those numbers are actually 2.6% (!) and 3.7%. Why give them a veto check?
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And, if legislation is passed that doesn’t comply with PAYGO, then it opens up programs the GOP already wants to decimate (but cannot do so without legislation allowing it) to the possibility of being slashed by the White House? 2/2
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Basically yes. Congress + the prez can work together to ignore PAYGO, like they did with tax reform. Or Congress can just violate PAYGO and call a bluff on presidential threats to cut spending. Pelosi's new rule basically says Dems won't risk that, and will just obey PAYGO.
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Thanks again, Tucker. Very helpful.
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Ask him how they got around the debt ceiling law. Then ask why they didn't do it for PayGo. This is Wall Street taking control on day one. If they pass PayGo I'm leaving the party and so will many others.
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